Synektik (SNTP) Q1 2025 earnings summary

Executive summary

• Q1 FY2024 revenue was PLN 203.1 million, a 25% decrease year-over-year due to the absence of two large contracts in the prior year.

• Adjusted EBITDA was PLN 51.0 million, with normalized EBITDA margin rising to 25.1% from 19.6% year-over-year.

• Net profit reached PLN 38.0 million, with recurring revenue up 62% year-over-year to PLN 68.1 million, driven by increased demand for services and consumables.

• Expansion into the Baltic region and acquisition of IT4KAN Sp. z o.o. strengthened the IT segment and geographic reach.

• Record dividend payout of PLN 70.4 million (PLN 8.25 per share) was executed.

Financial highlights

• Consolidated revenue fell to PLN 203.1 million from PLN 271.3 million year-over-year.

• Adjusted EBITDA margin improved to 25% from 20% year-over-year.

• Net margin increased by 4.4 percentage points to 18.7%.

• Positive operating cash flow of nearly PLN 110 million in Q1 FY2024.

• Cash surplus over financial liabilities reached nearly PLN 167 million as of December 31, 2024.

Outlook and guidance

• Secured orders worth PLN 114 million in Q1 FY2024, with active offers totaling PLN 123.4 million at year-end.

• Deferred revenues from contract settlements stood at PLN 50.2 million.

• Management expects continued growth in medical equipment, IT, and service sales, driven by new product launches and increased healthcare spending.

• Expansion in surgical robotics in Poland, Czechia, Slovakia, and the Baltics is anticipated.

• No financial forecasts for FY2024 have been published.